A new report from JP Morgan Chase & Co. says most Americans do not have enough money saved up in case of an emergency. JP Morgan's research shows only the wealthiest Americans could withstand a one-month swing in income. Bloomberg says, "The poorest families had just 37.5 percent of the $1,600 they need on hand to cover one month's volatility, according to the report. Middle-income earners, who need $4,800, held 62.5 percent." Most Americans would have to borrow money or sell an illiquid asset if an unexpected cost occurred.

The US Securities and Exchange Commission is discussing a proposal that would require mutual funds to report how sensitive their bond positions are to changes in interest rates. According to Think Advisor, who spoke with sources close to the matter, "Under the proposal, mutual funds would have to submit monthly reports to the SEC including new information about their derivatives holdings." A vote is scheduled for Wednesday.

LPL Financial has poached three more advisors from Capital One. Jarrod Lege, Shelley Moncrief and Rick Schenckare are joining LPL's New Orleans-based affiliate Standard Investment Advisors, bringing almost $325 million in assets with them.Standard Investment Advisors was founded by former Capital One advisor Margie Benjamin and Merritt Talbot in 2014. LPL's platform is "impressive, their technology is wonderful and we have a completely paperless office, which is tremendous," Benjamin said. "We all had contemplated over the years of our career of going independent and they made us comfortable making the move."

Charles Schwab announced it is cutting the fees for both its active and passive 529 plans. Actively managed portfolios with expense ratios of 0.41% to 1.34% will be cut to 0.41% to 1.01%, and passively managed portfolios will see fees dropped to 0.30% from 0.55%. Investment News notes, "529 plans consist of a number of benefits, including tax-deferred growth and tax-free withdrawals when used on college expenses."

Philippa Okoye, the wife of San Francisco 49ers defensive tackle Lawrence Okoye, is suing her former employer, deVeres, for sexual harassment. Okoye says her male coworkers made "inappropriate and offensive sexual comments and degrading comments about women." She also accuses her manager, Benjamin Alderson, and deVeres of promoting a culture of illegal drug usage, saying there were bags of marijuana lying around the office. Both Alderson and deVeres have denied the allegations.